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Biotech / Medical : STEM -- StemCells, Inc.
STEM 15.63+0.2%Feb 2 3:59 PM EST
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From: mlkr11/12/2008 9:05:23 PM
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StemCells, Inc. Announces $20 Million Equity Financing

StemCells, Inc. (NASDAQ:STEM) announced today that it has entered into agreements to raise approximately $20 million in gross proceeds through the sale of approximately 13.8 million shares of its common stock to selected institutional investors at a price of $1.45 per share. The investors will also receive warrants to purchase approximately 10.3 million shares of common stock at an exercise price of $2.30 per share. The shares and warrants are being offered as a registered direct offering under the Company’s effective shelf registration statement previously filed with the Securities and Exchange Commission (SEC). StemCells, Inc. expects to receive total proceeds, net of offering expenses and placement agency fees, of approximately $18.5 million.
Dramatic reversal in equity price today!
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